Financial Results Presentation for the Nine Months ended 30 Jun - - PowerPoint PPT Presentation

Frasers Centrepoint Limited Financial Results Presentation for the Nine Months ended 30 Jun 2017 7 Aug 2017

Northpoint City, Singapore

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Important Notice

Certain statements in this presentation constitute “forward-looking statements”, including forward-looking financial

• information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and
• ther factors which may cause the actual results, performance or achievements of Frasers Centrepoint Limited (“FCL”) and

its subsidiaries (together with FCL, the “Group”), or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and financial information. Such forward-looking statements and financial information are based on numerous assumptions regarding FCL’s present and future business strategies and the environment in which FCL will operate in the future. Because these statements and financial information reflect FCL’s current views concerning future events, these statements and financial information necessarily involve risks, uncertainties and assumptions. Actual future performance could differ materially from these forward-looking statements and financial information. FCL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement or financial information contained in this presentation to reflect any change in FCL’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement or information is based, subject to compliance with all applicable laws and regulations and/or the rules of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) and/or any other regulatory or supervisory body or agency. This presentation includes market and industry data and forecast that have been obtained from internal survey, reports and studies, where appropriate, as well as market research, publicly available information and industry publications. Industry publications, surveys and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such included information. While FCL has taken reasonable steps to ensure that the information is extracted accurately and in its proper context, FCL has not independently verified any of the data from third party sources or ascertained the underlying economic assumptions relied upon therein.

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Contents

• Key Highlights
• Operational Update
• Singapore
• Australia
• Hospitality
• International Business
• Results & Financials
• Appendices

Key Highlights

One Bangkok, Thailand

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Achieved Healthy 9M FY17 Results

• Revenue increased ~37% y-o-y to approximately S$3,076 m
• PBIT1 grew ~44% y-o-y to approximately S$867 m
• APBFE2 increased ~62% y-o-y to approximately S$436 m and AP3 rose ~17% y-o-y to approximately

S$441 m

1. Profit before interest, fair value change, taxation, and exceptional items 2. Attributable profit before fair value change and exceptional items 3. Attributable profit 4. The amount of A$169.3 million is subject to adjustments arising from the actual gross lettable area (“GLA”) being more or less than the estimated GLA of the three properties under development (“Development Properties Adjustments”), with the maximum aggregate acquisition amount taking into account the Development Properties Adjustments being approximately A$171.5 m 5. Consolidated to form a single series with the S$398 million 4.15% fixed rate notes due 2027 issued on 23 February 2017 and the S$52 million 4.15% fixed rate notes due 2027 issued on 6 April 2017

Key Highlights

Continued Execution of Asset Recycling Strategy

• Injected seven industrial assets, spread across the Australia eastern seaboard, to Frasers Logistics &

Industrial Trust for approximately A$169.3 m4

Maintained Sound Financial Position

• Net debt-to-equity ratio at 70.5% as at 30 June 2017
• Pre-sold revenue of S$3.4 b across Singapore, Australia and China
• Active capital management with issuance of S$500 m of 4.15% per annum fixed rate notes due 20275

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Growing Presence in International Markets

• Completed acquisition of ~87% stake in Geneba Properties N.V. on 5 July 2017
• Launched a one-time cash offer for the remaining depository receipts
• Entered into a ~20:80 JV with TCC Assets (Thailand) for a proposed mixed-use development project,

“One Bangkok”

• Acquired ~40.2% stake in TICON Industrial Connection for ~S$543.2 m1
• Increased stake in Golden Land Property Development from ~35.6% to ~39.9% for ~S$25.2 m2

1. THB 13.28 b (inclusive of transaction costs) equivalent to approximately S$543.2 m, on the basis of the exchange rate of S$1 : THB 24.44 as at 30 Jun 2017 2. THB 615.9 m (inclusive of transaction costs) equivalent to approximately S$25.2 m, on the basis of the exchange rate of S$1 : THB 24.44 as at 30 Jun 2017

Key Highlights

Wim Bosman Logistic Services B.V., 's-Heerenberg, Netherlands

Operational Update: Singapore

Seaside Residences, Singapore

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Singapore | Residential

1. Including joint venture projects 2. FCL’s effective interest is 40% 3. Includes FCL’s share of JV projects. With the adoption of FRS 111, about S$0.3b of the unrecognised revenue relating to JV will not be consolidated. Nevertheless, impact

• n profit before interest & tax is not expected to be significant

RiverTrees Residences, Singapore

• TOP

for eCO and RiverTrees Residences

• btained

in February and May 2017 respectively

• Watertown will obtain TOP in 4Q FY17
• Sold over 7001 residential units over three

quarters in FY17

• Launched Seaside Residences2 in April 2017

and sold over 440 units

• Unrecognised

development revenue

• f

approximately S$0.8 b3 as at 30 Jun 17

• The Waterfront Collection (Waterfront Waves,

Waterfront Key, Waterfront Gold and Waterfront Isle) won the World Silver Award of FIABCI World Prix D’Excellence Awards 2017 under the residential (mid-rise) category

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Singapore | Retail

1. Previously known as Northpoint City (Retail) is now known as Northpoint City (South Wing) 2. As a percentage of net lettable area of all shopping malls in Singapore in which the Group has interest in (including shopping malls held under Frasers Centrepoint Trust) 3. Net lettable area

Northpoint City, Singapore

• Construction of Northpoint City (South Wing)1 is scheduled for completion in calendar 4Q 2017
• Northpoint City (Retail) is expected to trade with close to 90% occupancy on its soft opening in

calendar 4Q 2017

• Waterway Point celebrated the first anniversary of its official opening in April 2017. Since

trading began in January 2016, the mall has welcomed over 40 million shoppers

• Average rental reversion for Singapore retail portfolio was approximately 4.7%2 and average

portfolio occupancy was 90.7%2

• Percentage of leases due for expiry by NLA3 for the remaining FY17 is 6.0%2

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Singapore | Commercial

Frasers Tower, Singapore

• Construction of Frasers Tower is over

50% completed and

• n

track for completion in 1H 2018

• Average

rental reversion for the Singapore office and business space portfolio was approximately 1.6%1 and average portfolio

• ccupancy

was 88.1%1

• Percentage of leases due for expiry by

NLA2 for the remaining FY17 is 8.5%1

1. As a percentage of net lettable area of all offices and business space in Singapore in which the Group has interest in (including offices and business space in Singapore held under Frasers Commercial Trust) 2. Net lettable area

11 Alexandra Technopark, Singapore

Singapore | REITs

• Frasers Centrepoint Trust
• 9M FY17 DPU decreased 0.2% y-o-y to 8.93 cents
• 9M FY17 NPI decreased 3.5% y-o-y to S$95.0m due

mainly to ongoing asset enhancement initiative (“AEI”) works at Northpoint

• 9M FY17 average rental reversion of +4.3%
• Average portfolio occupancy of 87.1% as at 30 Jun 17
• AEI works at Northpoint progressing on schedule, with

expected completion by September 2017

• Frasers Commercial Trust
• 9M FY17 DPU increased 0.5% to 7.41 cents
• Gross revenue and NPI (cash basis) increased 0.9%

and 3.9% y-o-y to S$118.2m and S$88.0m, respectively

• Average committed occupancy rate of 92.6% as at 30

Jun 17

• 9M FY17 results attributed to better performance by

the Australian portfolio as a result of the stronger Australian dollar and one-off payment received in relation to a lease termination in Central Park, offset by lower occupancy rates for Alexandra Technopark, China Square Central and Central Park

Causeway Point, Singapore

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Singapore PBIT Breakdown

9M FY17 9M FY16 Inc/(Dec) Remarks Residential S$47.0 m S$101.8 m (53.8)%

• Previous comparable period included lump sum

profit contribution from Twin Fountains EC upon TOP in March 2016

• Profit recognition from North Park Residences and

sale of a bungalow at Holland Park partially mitigated the decrease

Retail & Commercial (Non-REIT) S$45.3 m S$41.2 m 10.0%

• Higher profit contribution from The Centrepoint

upon completion of AEI works and Waterway Point

• Partially offset by absence of one-off fair value

gain in previous comparable period from Waterway Point when it received its TOP, and the share of profits from One @ Changi City, which was divested in March 2016

REITs S$161.9 m S$158.7 m 2.0%

• Maintained stable contributions

Fee Income & Others S$26.8 m S$24.7 m 8.5%

• Lower levels of expenses incurred

TOTAL S$281.0 m S$326.4 m (13.9)%

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• Overall prices1 declined 0.1% in 2Q 2017, compared to the 0.4% decline in the previous quarter – the 15th

continuous quarterly decline since 4Q 2013.

• 3,077 units were sold in 2Q 2017, representing an increase of 3.9% over 1Q 2017’s 2,962 units1.
• Overall improvement in market sentiments with high sales rates achieved for recent new project launches.
• Highly supported land prices from the number of bids and the prices received for government land sales in

2Q 2017 also signalled an increased interest from developers to restock land bank.

• In 2Q 2017, average Grade A CBD Core office rentals and average Grade B CBD Core office rentals

stabilised at S$8.95 and S$7.25 psf per month respectively after eight consecutive quarters of decline4.

• Island-wide, the office market recorded a net absorption of 923,810 sq ft4 in 2Q 2017, though island-wide

vacancy edged up slightly to 6.6% in 2Q 2017 from 6.1% in 1Q 20174.

• Average business park (city fringe) rentals remained stable q-o-q at S$5.50 psf per month in 2Q 2017,

while vacancy rates for business parks island-wide rose slightly by 0.3% to 11.9% from 11.6% in 1Q 20174 due to a net absorption of -73,320 sq ft in 2Q 2017.

• Based on MTI’s advance estimates, the Singapore economy grew 2.5% y-o-y in 2Q 2017, the same growth

as in the previous quarter2.

• Excluding motor vehicles, retail sales index increased 0.6% y-o-y in May 20173.
• FCL’s well-located suburban malls are expected to remain relatively resilient.

Singapore Operating Environment

NB: All references to quarters above refer to calendar quarter 1. URA, 28 Jul 17, “Release of 2nd Quarter 2017 real estate statistics” 2. MTI Press Release, 14 Jul 17, “Singapore’s GDP Grew by 2.5 Per Cent in the Second Quarter of 2017” 3. Department of Statistics Singapore, “Retail Sales Index and Food & Beverages Services Index, May 2017” 4. CBRE, Singapore Market View, 2Q17

Retail Residential Office and Business Space

Operational Update: Australia

Edmondson Park Retail, NSW, Australia

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Australia | Residential

NB: All references to units include apartments, houses and land lots. 1. Includes 100% of joint arrangements (Joint operation-JO and Joint venture-JV) and project development agreements 2. Includes FCL’s effective interest of joint arrangements (Joint operation-JO and Joint venture-JV) and project development agreements

Botany (Tailor’s Walk), NSW, Australia Ryde (Putney Hill), NSW, Australia

• Completion and settlement of over 1,6901 units

during 9M FY17; Over 1,3101 units are planned for completion and settlement over the balance of FY17

• Released over 1,1451 units for sale during 9M

FY17; Approximately 1,3551 units are planned for release over the balance of FY17

• Residential sales activity of 1,7581 units during 9M

FY17, mainly from projects in NSW and VIC

• Unrecognised residential revenue of S$2.32 b as at

30 Jun 17

• Major residential land bank acquisitions during 9M

FY17

• Wyndham Vale – Land, VIC

– Total 1,181 units with estimated GDV: S$310 m

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Australia | C&I and Retail Development

1. Book value in the Group’s Investment Property portfolio 2. Conditional acquisition 3. Western Sydney Parklands Trust 4. Under a project development agreement (“PDA”)

• Seven facilities delivered during 9M FY17, comprising two facilities with a GDV of S$77 m and

five facilities with an investment value of S$146 m1

• Total Commercial & Industrial workload of approximately 289,000 sqm comprising six projects

with a GDV of approximately S$174 m and seven projects with an investment value on delivery

• f approximately S$330 m1
• Major land bank acquisitions during 9M FY17:
• Mulgrave2, VIC ~4.7 ha in suburban office
• Berrinba, QLD ~4.5 ha in industrial land
• Horsley Park (WSPT3 Retail4), NSW ~15.8 ha

Keysborough (ARB), Victoria, Australia

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Australia | REIT

1. Distributions will be made on a semi-annual basis for the six-month periods ending 31 March and 30 September 2. Refers to the Gross Leasable Area (“GLA”) of FLT’s Portfolio of 54 properties 3. Calculated by Gross Rental Income

Frasers Logistics & Industrial Trust (“FLT”)

• FLT exceeded the forecast for distributable income by 4.7% for the period from 20 June 2016 to

30 June 2017 (the “Financial Period”)

• Distribution per unit for the Financial Period was 7.08 Singapore cents1, 5.5% above the forecast
• Proactive lease management: Since FLT’s listing, 140,246 sqm of new lease and lease renewals,

representing 11.4% of total Portfolio GLA2, have been executed

• Asset enhancement being undertaken to the property at 57 – 71 Platinum Street, Crestmead

QLD, involving a 1,238 sqm expansion of the warehouse, installation of a 773 sqm awning and further building upgrades and sustainability initiatives

• Average portfolio occupancy rate of 99.3% with long WALE of 6.7 years3
• Recent Corporate Developments:
• 6 Jun 17: Announced proposed acquisition of seven properties in Australia (“Proposed Transaction”) for

~A$169.3 m

• 27 Jun 17: Private placement of 78 million units in FLT placed to institutional and accredited investors,

raising net proceeds of S$77.2 m

• 26 Jul 17: Unitholders at FLT’s inaugural Extraordinary General Meeting approved the Proposed

Transaction

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Australia | Investment (Non-REIT)

• Portfolio valued at S$1.2 b1
• Industrial: S$0.4 b
• Office: S$0.8 b
• Portfolio occupancy (by income) of 88.2%2
• Industrial: 96.0%
• Office: 83.9%
• Portfolio weighted average capitalisation rate
• f 6.90%
• Industrial: 7.08%
• Office: 6.81%
• WALE3 of 4.5 years (by income)
• Strong tenant profile
• 64% multinational companies
• 10% ASX listed
• 18% government

Wetherill Park (Survitec) NSW, Australia

1. Includes properties under development as at 30 Jun 17 2. Portfolio occupancy has had a net decrease primarily due to the expiry of PWC at Freshwater Place in Melbourne (~23,000 sqm) 3. Weighted average lease expiry

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Australia PBIT Breakdown

9M FY17 9M FY16 Inc/(Dec) Remarks Residential Development S$133.2 m (S$9.7 m) N/M

• Sale of student accommodation components at

Central Park, Sydney and higher levels

• f

completions and settlements

• f

residential projects in 9M FY17

Investment Properties / Commercial & Industrial Development S$56.7 m S$149.7 m (62.1)%

• Lower overall contributions following divestment of

industrial properties to FLT and investment properties to external parties

REIT S$98.0 m S$4.2 m N/M

• 9 months’ contribution from FLT, which was listed

in June 2016

Corporate & Others (S$32.9 m) (S$35.1 m) (6.3)% TOTAL S$255.0 m S$109.1 m 133.7%

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Australia Operating Environment

• Sales activity in Sydney continues to remain positive. Melbourne and Brisbane have seen good demand

and price growth in land projects. The Perth market remains subdued, reflecting weak business and consumer confidence.

• The investor market faces headwinds with increased taxes on foreign purchasers in particular, tighter

bank lending policies and higher interest rates.

• Purchaser defaults to date are generally in line with historical averages; however, settlement periods have

extended for certain projects.

• Construction costs continue to remain mixed with prices moderating in Melbourne and Brisbane, but still

rising in Sydney.

• Both tenant and investor demand for prime assets across Sydney, Melbourne, and Brisbane have been

fuelled by significant infrastructure works and state planning frameworks.

• The investment market for prime assets remains strong and has been characterised by a lack of completed

assets.

• Prime grade asset yields in Sydney and Melbourne continue to stabilise in the range of ~5.5% to 6.5%.

Industrial1 Residential

1. Colliers International, CBD Office Research and forecast Report, 1H 2017

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Australia Operating Environment (Continued)

• Australian CBD markets retain the attractive fundamentals of falling vacancy, lower incentives and

effective rental growth leading to strong levels of investor demand.

• Prime grade office yields in Sydney and Melbourne remain in the range of 5% - 5.75%.
• Due to recent increases in rents for secondary and fringe CBD office stock, previously earmarked

residential conversions may now be retained for office use.

• Retail yields across regional, sub-regional and neighbourhood sectors remain at cyclical lows for 2017 at

~5.25%, ~5.75%, and ~6.00% respectively.

• National Retail sales climbed to 3.08% y-o-y with non-discretionary categories continuing to perform more

strongly than discretionary categories.

Retail2 Office1

1. Colliers International, CBD Office Research and Forecast Report, 1H 2017 2. ABS, Data Series, April 2017

Operational Update: Hospitality

Capri by Fraser, Berlin, Germany

23 Modena by Fraser Changsha, China

Hospitality | Non-REIT

• New openings

As at 30 Jun 17, Frasers Hospitality added five1 new operating properties to its current portfolio, including:

The brand’s first property in China The brand’s second property in Doha

Capri by Fraser, Shenzhen, China Fraser Suites Westbay, Doha Fraser Suites Abuja, Nigeria

1. The fifth property is Capri by Fraser, Berlin, Germany

The brand’s first property in Changsha, China The brand’s first property in Nigeria, Africa

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Hospitality | Non-REIT

• Sign-ups
• Frasers Hospitality continued to deepen its presence

with three projects in Hanoi, Jakarta and Wuhan, and added four projects in new markets – Phnom Penh, Leipzig, Yangon and Kuwait.

• Currently,

Frasers Hospitality’s portfolio (including properties owned and under management) exceeds 15,000 serviced apartments and hotel rooms, with over 8,000 units in the pipeline

The brand’s first property in the German capital

Capri by Fraser, Leipzig, Germany Fraser Suites Kuwait City Capri by Fraser, Berlin, Germany Fraser Residence Hanoi, Vietnam

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Hospitality | REIT

1. Restated to reflect the effect of the bonus element in relation to the Rights Issue. FHT issued 441,549,281 Rights Stapled Securities at S$0.603 per stapled security on 14 Oct 16 (the “Rights Issue”)

Novotel Melbourne on Collins, Australia

Frasers Hospitality Trust (“FHT”)

• In

9M FY17, FHT’s gross revenue and net property income increased 29.9% and 17.4% y-o-y to S$117.1 m and S$88.7 m respectively, boosted by:

• Addition
• f

Novotel Melbourne

• n

Collins and Maritim Hotel Dresden

• Better portfolio performance
• Distribution income rose 10.6% y-o-y to S$69.7 m
• Distribution per stapled security was 3.7695 cents,

down 6.7% y-o-y from 4.0396 cents1

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Hospitality PBIT Breakdown

9M FY17 9M FY16 Inc/(Dec) Remarks Non-REIT S$38.3 m S$48.0 m (20.2)%

• Decrease

mainly attributable to lower contributions from UK portfolio as consumers continue to curtail discretionary spending in light

• f economic uncertainty, and a weaker pound

translated to lower contribution in SGD

REIT S$66.4 m S$42.6 m 55.9%

• Increase mainly due to maiden contributions from

FHT’s newly acquired Novotel Melbourne on Collins (“NMOC”) in Australia and Maritim Hotel Dresden in Germany, and unrealised gains on cross currency swaps

Fee Income S$8.9 m S$6.5 m 36.9%

• Increase mainly due to higher management fee

income, driven by better results and acquisition fee in relation to NMOC

TOTAL S$113.6 m S$97.1 m 17.0%

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China

• The Beijing market will benefit from enhanced intercity transportation and tourism infrastructure

development which is currently underway, ahead of the opening of Universal Studios in 2020 and the 2022 Winter Olympics.

• New supply in Beijing city is also constrained as strict development restrictions within the city centre are

expected to continue. Compared with Shanghai, where 26 new hotels are expected to enter the market in 2017, just nine new hotels (2,204 rooms) are planned for Beijing.

• Although Shanghai foresees an influx of room additions in the short term, these new projects are

concentrated in peripheral areas such as Jiading, Songjiang and Chongming1. Japan

• Growth in annual inbound tourists to Japan has averaged 18.7% since 2010.
• As Japan evolves as an advanced tourism nation and attracts more wealthy travellers, the market for

high-end hotels should expand and the average rate should increase2.

North Asia

Hospitality Operating Environment

1. JLL HotelDestinations-Greater China Apr 2017 – EN 2. http://pdf.savills.asia/asia-pacific-research/japan-research/japan-hospitality/jp-hotel-spotlight-06-2017-j.pdf

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Hospitality Operating Environment (Continued)

1. DBS’s Industry Outlook – Hospitality Real Estate (Singapore), 16 May 17 2. Deloitte – Tourism and Market Outlook, Edition 1 – 2017 3. World Bank, Indonesia Exenomic Quarterly (Mar 2017) 4. JLL – Hotels & Hospitality Group I May 2017,Hotel Destinations, Asia Pacific

Singapore

• An injection of 3,767 rooms supply in 2017, equivalent to 6% of existing supply, is expected to outstrip

demand with occupancy expected to dip from 84.2% to 83.7%, resulting in ADR falling by 4% y-o-y to S$2271.

• Serviced apartments could face increased competition from private home rentals following the URA’s

recent reduction in the minimum duration of tenancies from six to three months. Australia

• Despite increased global political uncertainty, the prospects for the tourism sector continue to

strengthen in 2017 due to growth prospects in a number of key source markets and a weakening Australian dollar.

• Demand remains uneven across cities, with stronger occupancy and room rate growth in Sydney and
• Melbourne. With additional supply and the repositioning of Brisbane’s and Perth’s respective

economies, tough conditions are expected to continue in these two cities2. Indonesia

• Largest economy in SEA with stable economic outlook supported by projected pick-up in the global

economy, recovering commodity prices and fiscal policy credibility3.

• In addition, its growth is underpinned by strong domestic demand and focus on infrastructure and

bureaucracy efficiency.

• With tourism identified as a key economic driver, its aggressive “Wonderful Indonesia” campaign will

continue to improve visitation to Indonesia4. Approximately 9,786 rooms are in the pipeline from 2017- 2020.

Rest of Asia Pacific

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Hospitality Operating Environment (Continued)

Capri by Fraser, Barcelona, Spain Fraser Suites Queens Gate, London, UK Capri by Fraser, Frankfurt, Germany

Europe & Middle East

• Uncertainty surrounding Brexit remains and the forecasted GDP growth for 2017 has been lowered to

1.9% by the Bank of England.

• The French election has stabilized the situation in Europe, and the EU-Commission forecasted growth for

the Eurozone at 1.8%1, the strongest growth for years across the zone. Germany (2%) and Spain (Forecast 2.8%)1 in particular are heading the pack.

• Despite the terror attacks in various European Gateway cities, it seems that the public has adopted a “life

goes on” philosophy, and the impact after these attacks is felt less than in the recent past. Cities like London and Berlin have recovered much faster than expected after recent events.

• The Middle East region has seen the rise of disputes in the GCC, affecting travel to Qatar in particular.

Even the stronger performers, like Dubai, continue to lose REVPAR after a drop of close to 10% in 2016 2. The continued strong increase in supply in most of the region contributes to the decline in REVPAR.

1. Bloomberg May 17 2. JLL Dubai report 2017

Operational Update: International Business

Gemdale Megacity, Shanghai, China

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International Business

• China
• Achieved sales of 487 units1, and completion and settlement of 1,348 units1, in 9M FY17
• Launched Phase 4F of Gemdale Megacity2 in Songjiang in June 2017. Sold 72% of the 536

launched units to-date

• Unrecognised development revenue of approximately S$0.3 b3 as at 30 Jun 17
• Completed Baitang One (Phase 3C1), Suzhou and Gemdale Megacity (Phase 3B),

Songjiang

• Europe
• Achieved sales of 27 units, and completion and settlement of 281 units, in 9M FY17
• Completed Vauxhall Sky Gardens, Seven Riverside Quarter and Camberwell on the Green
• Thailand and Vietnam
• Thailand

– Golden Land posted Q1 net profit of THB304.9 million as at 31 Mar 17 – TICON posted Q1 net profit of THB94.9 million as at 31 Mar 17

• Vietnam

– Target to launch residential-cum-commercial project in District 2, Ho Chi Minh City in the second half of calendar year 2017 – Me Linh Point Tower achieved 100% occupancy as at 30 Jun 17

NB: All figures quoted are as at 30 Jun 17; All references to units for China exclude car park lots and retail units, with the exception of Chengdu Logistics Hub, which includes retail units 1. Including joint venture projects 2. FCL’s effective interest is 45% 3. Includes FCL’s share of Gemdale Megacity. Gemdale Megacity is accounted for as an associate and about S$0.3 b of the unrecognised revenue is not consolidated. Nevertheless, impact on profit before interest & tax is not expected to be significant

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International Business PBIT Breakdown

9M FY17 9M FY16 Inc/(Dec) Remarks China S$162.1 m S$35.9 m N/M

• Sales and settlements at Phase 3C1 of Baitang

One in Suzhou, and Phase 3B of Gemdale Megacity in Songjiang, China

Europe S$57.5 m S$59.9 m (4.0)%

• Completion and settlement of Seven Riverside

Quarter, Camberwell Green and Vauxhall Sky Gardens in the UK

• Offset by absence of one-off profit contribution

from completion of Five Riverside Quarter in the UK in the previous comparable period

Thailand and Vietnam S$23.4 m S$14.0 m 67.1%

• 9

months’ contribution from Thai associate, Golden Land, which was acquired during the end

• f 2015
• 6

months’ contribution from Thai associate, TICON

TOTAL S$243.0 m S$109.8 m 121.3%

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China Operating Environment

NB: All references to quarters above refer to calendar quarter 1. CREIS (China Real Estate Index System) 2. CBRE Chengdu Property Market Overview Q2, July 2016

Shanghai Residential1

• Total residential supply decreased 51% y-o-y to 1.64m sqm in 2Q 2017
• Residential transaction volume decreased 37% y-o-y to 2.01m sqm in 2Q 2017 due to government

intervention

• The average sales price of new housing increased 38% y-o-y to RMB 46,892 psm in 2Q 2017

Suzhou Residential1

• Residential supply decreased 36% y-o-y to 1.61m sqm in 2Q 2017
• Residential transaction volume fell 24% y-o-y to 1.63m sqm in 2Q 2017 because of home buying restrictions
• The average sales price of new housing increased 6.8% y-o-y to RMB20,502 psm in 2Q 2017
• Chengdu’s overall cumulative stock of office property is approximately 7.483m sqm by 1Q 2017, and the

business activity slowed down in the traditional off-peak season. New set-up demand fell back on a quarterly

• basis. Statistics mirrored the trend with net absorption sliding, down 23.6% y-o-y. Average vacancy rate

edged up 0.7pt, finishing the quarter at 34.6%.

• Nonetheless, the market sentiment continued to improve as demand significantly picked up from 2H 2016.

As a result, rental decline slowed to -0.3% q-o-q in calendar year 1Q 2017 as per market consensus. Looking forward, CBRE expects a total pipeline of 800,000 sqm to come onstream in Chengdu in calendar year 2017. Demand is set to stay stable.

Chengdu Office2

34

UK & Vietnam Operating Environment

UK Residential

• A snap General Election was held on 8 Jun 17, resulting in a minority government
• Brexit discussions have recently started with the European Union
• Residential market sluggish with RICS predicting soft to flat pricing in the short term
• Surprise fall in inflation has eased pressure on a rate rise
• Strong employment market is supportive of pricing, but the squeeze on household finances will test

consumer sentiment

• Over the last couple of years, office to residential conversion through permitted development rights has

brought increased supply of residential stock to the market in certain areas

Vietnam Residential

• In 1H 2017, Vietnam recorded US$11.8 b of newly registered Foreign Direct Investment capital, an

increase of 54.8% y-o-y, and capital into real estate accounted for 4% of total Foreign Direct Investment1

• Average primary condominium selling price in Ho Chi Minh City reached US$1,578 psm, an increase of 9%

y-o-y attributable to higher prices recorded in District 7 and District 101

• Improvement in Ho Chi Minh City infrastructure and favourable economic conditions continue to support

the condominium market1

• High-end segment will be more active in 2H 2017 and the condominium market continues to receive high

interest from foreign buyers2

NB: All references to quarters above refer to calendar quarter 1. CBRE Marketview, Vietnam Market, Q2 2017 2. CBRE HCMC Market Insights, Q2 2017, 5th Jul 17

Results and Financials

Riverlight, Hamilton, Queensland, Australia

36

9M FY17 9M FY16 Inc/(Dec) Revenue S$3,076.0 m S$2,251.6 m 36.6% PBIT S$867.0 m S$604.3 m 43.5% APBFE S$435.6 m S$268.8 m 62.1% Fair Value Change

• S$98.2 m

N/M Exceptional Items S$5.5 m S$8.9 m (38.2)% AP1 S$441.1 m S$375.9 m 17.3%

• 9M FY17 APBFE increased 62% y-o-y to S$436 m
• Profit recognition on completion of development projects in China and Australia
• Stable contributions from recurring income sources

Key Financial Highlights

1. Attributable Profit

37

9M FY17 9M FY16 Inc/(Dec) Remarks Singapore S$281.0 m S$326.4 m (13.9)%

• Decrease due to the absence of lump sum TOP

profit contribution from Twin Fountains EC in March 2016

• Partially mitigated by profit contribution from North

Park Residences and the sale of a bungalow at Holland Park

• Stable

contributions from recurring income sources

Australia S$255.0 m S$109.1 m 133.7%

• Increase due to sale of student accommodation

components at Central Park, Sydney and higher level of completions and settlements of residential projects in 9M FY17

Hospitality S$113.6 m S$97.1 m 17.0%

• Increase due to contributions from FHT’s newly

acquired NMOC in Australia and Maritim Hotel Dresden in Germany

• Unrealised gains on cross-currency swaps

International Business S$243.0m S$109.8 m 121.3%

• Increase mainly due to sales and settlements at

Phase 3C1 of Baitang One in Suzhou, and Phase 3B of Gemdale Megacity in Songjiang, China

Corporate and Others (S$25.6 m) (S$38.1 m) (32.8)%

• Gains from foreign exchange and settlement of

hedges

TOTAL S$867.0 m S$604.3 m 43.5%

PBIT by Business Segments

38

As at 30 Jun 17 As at 30 Sep 16 Inc/(Dec) Total Equity1 S$12,237.9 m S$11,843.5 m 3.3% Cash and Bank Deposits2 S$1,793.5 m S$2,168.7 m (17.3)% Net Debt S$8,630.7 m S$7,626.9 m 13.2% Net Debt / Equity 70.5% 64.4% 6.1 pp Percentage of Fixed Rate Debt3 78.0% 86.1% (8.1) pp Average Debt Maturity 3.2 Years 3.0 Years 0.2 Years Cost of Debt on Portfolio Basis 3.2% p.a. 3.1% p.a. 0.1% p.a.

1. Includes non-controlling interests and perpetual securities 2. Includes structured deposits 3. Includes debt that is hedged

• Increase in net debt mainly due to acquisition of Thai associates, TICON and Golden Land, and

development expenditure on investment properties

Capital Management

39

Debt Maturity Profile

S$ ‘m

• FCL is well-equipped to manage debt maturity
• Clear visibility over future cash flows
• Continuing efforts to extend debt maturities to match assets

1,846 1,173 3,135 861 2,645 764 1,565 571 1,925 399 2,299 764 500 1,000 1,500 2,000 2,500 3,000 3,500 <1 Year 1 to 2 Years 2 to 3 Years 3 to 4 Years 4 to 5 Years >5 Years Including REITS (Total = S$10,424 m) Excluding REITs (Total = S$7,523 m)

40

As at 30 Jun 17 As at 30 Sep 16 Inc/(Dec) Net Asset Value Per Share1 S$2.36 S$2.30 2.6% Return on Equity2 (Annualised) 7.6% 6.3% 1.3 pp 9M FY17 9M FY16 Inc/(Dec) Earnings Per Share3 13.9 cents 8.2 cents 69.5% Net Interest Cover4 10X 6X N/M

Key Financial Ratios

1. Presented based on number of ordinary shares on issue as at the end of the year 2. Annualised APBFE (after annualised distributions to perpetual securities holders) over average shareholders’ fund 3. APBFE (after distributions to perpetual securities holders) over weighted average number of ordinary shares on issue 4. Net interest excluding mark to market adjustments on interest rate derivatives and capitalised interest

• ROE higher as development contributions from China and Australia boosted profits in 9M FY17

Appendix 1

Waterway Point, Singapore

42

Singapore Australia Hospitality International

Residential Commercial Multi- Segment Multi-Segment Hospitality Industrial

Overview of FCL

• Full-fledged multi-national real estate company with total assets of around S$25 billion
• Three strategic business units – Singapore, Australia, and Hospitality
• Also in selective secondary international markets to create optionality
• Multi-segment expertise
• Residential, retail, office, business park, industrial and hospitality
• Proven track record with international recognition in large-scale and complex mixed-use

developments

• Participates in, and extracts value from, the entire real estate value chain
• Growing asset management business as the sponsor of four “Frasers” branded REITs covering

retail, commercial, hospitality and industrial assets

• Frasers

Centrepoint Trust, Frasers Commercial Trust, Frasers Hospitality Trust, as well as Frasers Logistics & Industrial Trust

43 Seaside Residences, Singapore

Singapore | Development

• Among the top residential property developers in Singapore, with over 18,000 homes built to

date and four projects currently under development

• Strong pre-sales with unrecognised revenue of S$0.8 b in Singapore provide earnings visibility

44 12 Retail Malls Across Urban and Sub-Urban Areas in Singapore T Bedok Point Anchorpoint Causeway Point YewTee Point The Centrepoint Robertson Walk Valley Point Changi City Point East Point Waterway Point Northpoint

Frasers Centrepoint Trust’s Malls Directly-Owned Malls Managed Mall

Assets Under Management1 (S$ m) Yishun mixed-use site (under development)

Singapore | Commercial

• One of the largest retail mall owners and / or operators in Singapore
• NLA of around 2.4 m sq ft across 12 retail malls in Singapore
• NLA of over 4.3 m sq ft across 10 office and business space properties
• Established REIT platforms facilitate efficient capital recycling

5,165 6,082 6,183 7,922 9,264 10,513 9,769 2,000 4,000 6,000 8,000 10,000 12,000 As at 30 Sep 10 As at 30 Sep 11 As at 30 Sep 12 As at 30 Sep 13 As at 30 Sep 14 As at 30 Sep 15 As at 30 Sep 16 S$ ‘m 1. AUM as at 30 Sep 16 was lower than 30 Sep 15 due to the disposal of Compass Point and ONE@Changi City (Office) in FY16 and the reclassification of the commercial portfolio that excluded overseas non-REIT office/business park assets Legend

45

Singapore | FCL-Sponsored REITs

26.9%1 stake in office and business space REIT that offers balanced exposure to six quality properties in Singapore and Australia 41.6%1 stake in stable retail REIT with six well-located suburban retail properties in Singapore

NB: FCT also holds 31.17% of the units in Hektar Real Estate Investment Trust (“H-REIT”). H-REIT, an associate of FCT, is a retail-focused REIT in Malaysia listed on the Main Market of Bursa Malaysia Securities Berhad 1. As at 30 Jun 17

Properties Portfolio Value1 9M FY17 Portfolio Net Property Income

Singapore

Causeway Point, Northpoint (including Yishun 10 retail podium), Changi City Point, Bedok Point, YewTee Point, Anchorpoint S$2,565.7 m S$95.0 m Properties Portfolio Value1 9M FY17 Portfolio Net Property Income

Singapore

2 office assets – China Square Central, 55 Market Street 1 business space asset – Alexandra Technopark S$1,211.4 m (61%) S$45.7 m (52%)

Australia

3 office assets – Caroline Chisholm Centre, Central Park Perth, 357 Collins Street S$786.8 m (39%) S$41.4 m (48%)

TOTAL

5 office assets 1 business space asset S$ 1,998.2 m S$87.1 m

46

Australia | Frasers Property Australia

National presence

Presence in all major markets across Australia

Tenant profile

One of Australia’s leading diversified property groups

• Investment Portfolio:
• S$1.2 b of investment assets
• Weighted average lease expiry of 4.5 years
• Commercial & Industrial:
• Strong development pipeline with GDV S$1.5 b1
• Approximately 75 ha of land bank
• Retail:
• Development pipeline with GDV S$0.7 b
• Approximately 25 ha of land bank
• Residential:
• Strong development pipeline with GDV S$7.2 b2
• Pipeline of 15,650 units2
• Unrecognised revenue of S$2.3 b3

NB: All figures as at 30 Jun 17. All references to units include apartments, houses and land lots. 1. Estimated pipeline GDV includes GDV related to C&I developments for the Group’s Investment Property portfolio, on which there will be no profit recognition. The mix of internal and external C&I developments in the pipeline changes in line with prevailing market conditions 2. Excludes unrecognised lots and revenue; Includes commercial area; Includes 100% of joint arrangements (Joint operation-JO and Joint venture-JV) and PDAs 3. Includes FCL’s effective interest of joint arrangements (Joint operation-JO and Joint venture-JV) and PDAs

47

Australia | FCL-Sponsored REIT

20.8%1 stake in logistics and industrial trust with 54 quality assets strategically located in major industrial markets in Australia

Properties Portfolio Value Financial Period from 20 Jun 16 - 30 Jun 17 Adjusted Net Property Income2

AUSTRALIA

Victoria – 26 logistics and industrial assets New South Wales – 13 logistics and industrial assets Queensland – 10 logistics and industrial assets South Australia – 4 logistics and industrial assets Western Australia – 1 logistics and industrial asset A$1,752.5 m3 A$125.2 m

1. As at 30 Jun 17 2. Net property income excluding straight lining rental adjustments 3. Value of FLT’s investment properties as at 30 June 2016, which include fair value adjustments made based on independent valuations as at 30 September 2016

48

412 827 713 1,003 1,435 1,658 7,435 8,331 80 837 1,589 3,362 5,409 8,426 8,426 7,178 1,585 5,000 10,000 15,000 20,000 25,000 30,000 2001 2003 2005 2007 2009 2011 Jun 2017 By 2020

Hospitality | Frasers Hospitality

• No. of Units

International Footprint

• Scalable operations in more than 80 cities, with over 15,000 serviced apartments/hotel rooms in
• peration and over 8,000 units in the pipeline, including properties under management
• Well established hospitality brands with quality assets in prime locations
• International footprint across Europe, Middle East, North Asia, Southeast Asia, India and

Australia which cannot be easily replicated

Legend1 Owned and managed properties Properties under management contracts TCC Group’s hospitality assets

Philippines China UK Australia Singapore Indonesia Bahrain Japan France Malaysia Hungary Qatar South Korea Vietnam UAE Turkey Thailand India Spain Germany Saudi Arabia Nigeria Switzerland Myanmar

Owned serviced apartments and hotels Leased/Managed serviced apartments Managed serviced apartments signed up for the next three years Potential asset management additions from the TCC Group 1. Inclusive of both directly-owned properties, and properties owned through Frasers Hospitality Trust

49

Hospitality | Frasers Hospitality

Properties Room Count 30 Jun 17 30 Jun 16 30 Jun 17 30 Jun 16 Operational Asia 35 38 8,247 8,970 Australia 7 6 2,041 1,661 Europe 53 49 4,245 1,201 Middle East and Africa 8 6 1,328 1,334 TOTAL 103 99 15,861 13,166 Pipeline Asia 33 22 6,945 6,987 Australia Europe 5 4 624 414 Middle East and Africa 4 9 505 784 TOTAL 42 35 8,074 8,185

NB: Inclusive of both directly-owned properties, and properties owned through Frasers Hospitality Trust

50

Hospitality | FCL-Sponsored REIT

22.6%1 stake in global hotel and serviced residence trust with 151 quality assets in prime locations across Asia, Australia and Europe

1. As at 30 Jun 17 2. Based on exchange rates of A$/S$: 1.0592, £/S$: 1.7644, ¥/S$: 79.6178, RM/S$: 0.3226, €/S$: 1.5241 3. Total investment property and property, plant and equipment value updated as at 30 Jun 17

Properties Portfolio Value1 9M FY17 Portfolio Net Property Income2

Australia

3 hotel assets – Novotel Melbourne on Collins, Novotel Rockford Darling Harbour and Sofitel Sydney Wentworth 1 serviced residence asset – Fraser Suites Sydney A$703.3 m (32.0%) S$36.8 m (41%)

Singapore

1 hotel asset – InterContinental Singapore 1 serviced residence asset – Fraser Suites Singapore S$840.3 m (36.5%) S$18.7 m (21%)

United Kingdom

2 hotel assets – Best Western Cromwell London and Park International London 4 serviced residence assets – Fraser Place Canary Wharf, Fraser Suites Edinburgh, Fraser Suites Glasgow and Fraser Suites Queens Gate £180.7 m (14.0%) S$12.2 m (14%)

Japan

1 hotel asset – ANA Crowne Plaza Kobe ¥14,342.7 m (7.7%) S$11.1 m (13%)

Malaysia

1 hotel asset – The Westin Kuala Lumpur RM412.0 m (5.8%) S$5.4 m (6%)

Germany

1 hotel asset – Maritim Hotel Dresden €58.9 m (4.0%) S$4.5 m (5%)

TOTAL

9 hotel assets 6 serviced residence assets S$2,304.2 m3 S$88.7 m

51

NB: All figures quoted are as at 30 Jun 17 1. Includes affordable units

• China
• Over 9,000 homes built to date, and three projects currently under development
• Strong pre-sales with unrecognised revenue of S$0.3 b provide earnings visibility
• Land bank of about 2,200 units supports future growth
• UK
• Over 700 homes built to date
• Recent consent to increase density of Nine Riverside Quarter from 130 units to 175 units
• Land bank of ~175 units1 and over 200,000 sq ft of commercial development at Central House
• Thailand
• 39.9% stake in Golden Land Property Development Public Company Limited
• 40.2% stake in TICON Industrial Connection Public Company Limited
• 19.9% stake in ‘One Bangkok’, Thailand’s largest integrated development
• Vietnam
• 70% stake in G Homes House Development Joint Stock Company
• 75% interest in Me Linh Point Tower, a 22-storey retail/office building in District 1, Ho Chi Minh City

International Business

52

• Achieve sustainable

earnings growth through significant development project pipeline, investment properties and fee income

• Grow asset portfolio in a

balanced manner across geographies and property segments

• Optimise capital productivity

through REIT platforms and active asset management initiatives

Sustainable Earnings Growth Balanced Portfolio Optimise Capital Productivity

Achieve Sustainable Growth and Deliver Long- Term Shareholder Value

FCL Group Strategy

53 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY 11 FY 13 FY 15 9MFY17 Singapore Australia UK / EU China Others 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% FY 11 FY 13 FY 15 9MFY17

Recurring Non-Recurring

Recurring: 31% Recurring: 55% REITs S$8.8 b, 36% Hospitality, S$2.9 b, 12% Commercial Properties, S$5.9 b, 24% Corporate & Others, S$1.1 b, 4% Development Properties, S$6.0 b, 24%

Recurring vs Non-Recurring Operating PBIT 2

Recurring income base provides resilience & stability

• >70% of the Group’s total assets

are recurring income assets

• ~55% of the Group’s PBIT is

from recurring income sources Total Assets: S$24.7 b

1

1. Include property and fee income but exclude share of fair value change of joint ventures and associates 2. Exclude corporate expenses 3. Include Vietnam, Thailand, Malaysia, Japan, Philippines, Indonesia and New Zealand

Well poised to deliver sustainable earnings

Increasing geographic diversification

• >50% of the Group’s total assets

are outside of Singapore

• >70% of the Group’s PBIT is

generated from

• verseas

markets

• Focus on 2 to 3 core markets to

build scale and depth

• Increase

investments in secondary markets for longer term growth

Australia, S$8.0 b, 32% Europe, S$2.1 b, 9% China, S$1.6 b, 6% Others3, S$1.5 b, 6% Singapore, S$11.5 b, 47%

PBIT by Geography Total Assets: S$24.7 b

SG: 71% SG: 29%

54 1,322.0 8,340.4 1,494.2 307.5 Total: 11,464.1

Scaled Platforms in Singapore and Australia

2,104.4 214.7 3,856.3 1,057.8 774.2

Singapore Asset Breakdown by Business Segment as of 30 Jun 17 (S$ m) Australia Asset Breakdown by Business Segment as of 30 Jun 17 (S$ m)

Total: 8,007.4 Residential Development Commercial & Industrial Development Investment Properties Hospitality Corporate and Others Development Properties Commercial Properties Hospitality Corporate and Others

55

• Pre-sold revenue of S$3.4 billion for 9M FY17 across Singapore, China and Australia provides

earnings visibility over the next two to three years

2.2 1.7 1.2 0.7 0.8 0.9 0.4 1.5 1.9 2.3 0.1 0.1 0.4 0.5 0.3

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 2013 2014 2015 2016 9M FY17

Singapore Australia China

S$ ‘b

Unrecognised Revenue from Key Markets

3.1 3.1 2.2 3.2

Earnings Visibility from Development Pipeline

3.4

56

• Optimise capital productivity through REIT platforms and active asset management initiatives

FHT: 655 357 Collins St: 224 FLT: 1,7002

Changi City Point: 153

Sofitel Sydney: 223

200 400 600 800 1,000 1,200 1,400 1,600 1,800 FY14 FY15 FY16 S$ m

Major Asset Recycling through REIT Platforms

Optimise Capital Productivity – Asset Recycling

1. For FY16, FCL divested about S$0.7 b of commercial properties to third parties. This includes four office assets in Australia, 19% interest in Compass Point, and 50% interest in One@Changi City 2. Including acquisition of two call-option properties

57

Providing Steady Returns

FY16 FY15 FY14 Interim Dividend 2.4 Singapore cents 2.4 Singapore cents 2.4 Singapore cents Final Dividend 6.2 Singapore cents 6.2 Singapore cents 6.2 Singapore cents Total Dividend 8.6 Singapore cents 8.6 Singapore cents 8.6 Singapore cents Dividend Yield 5.8% (based on FCL closing share price of S$1.495

• n 8 Nov 16)

5.2% (based on FCL closing share price of S$1.655

• n 6 Nov 15)

5.4% (based on FCL closing share price of S$1.585

• n 12 Nov 14)

Payout Ratio (based on APBFE)1 ~ 60% ~ 50% ~ 50%2

• Interim dividend of 2.4 Singapore cents for 1H FY17 on the back of healthy first half results
• Total annual dividend of 8.6 Singapore cents for three consecutive years since listing

1H FY17 1H FY16 1H FY15 Interim Dividend 2.4 Singapore cents 2.4 Singapore cents 2.4 Singapore cents

1. After adjusting for distributions to perpetual securities holders 2. Based on APBFE before restatement

Appendix 2

Camberwell on the Green, London, UK

59

Notes on Profit Recognition1 (Singapore)

1. Profit is recognised on percentage of completion basis except for ECs, which are on completion basis

Project Effective Share (%) Total No.

• f Units

% of Units Sold % Completion Estimated Total Saleable Area （m sq ft) Target Completion Date Soleil @ Sinaran 100.0 417 99.8 100.0 0.5 Completed Waterfront Isle 50.0 563 100.0 100.0 0.6 Completed Twin Waterfalls (EC) 80.0 728 100.0 100.0 0.8 Completed Palm Isles 100.0 430 100.0 100.0 0.4 Completed Twin Fountains (EC) 70.0 418 100.0 100.0 0.5 Completed Q Bay Residences 33.3 632 99.8 100.0 0.6 Completed eCO 33.3 750 100.0 100.0 0.7 Completed Rivertrees Residences 40.0 496 100.0 100.0 0.5 Completed Watertown 33.3 992 99.9 95.3 0.8 4Q FY17 North Park Residences 100.0 920 84.7 50.3 0.7 4Q FY18 Parc Life (EC) 80.0 628 29.0 84.7 0.7 2Q FY18 Seaside Residences 40.0 843 52.3 3.9 0.7 2Q FY21

60

Notes on Profit Recognition (Australia – Residential)

Project1 Effective Share (%) Total No.

• f Units2

% of Units Sold Estimated Total Saleable Area （m sq ft) Target Completion Date Cockburn Central (Cockburn Living, Kingston Stage 4) - H/MD, WA 100 60 86.7 0.0 Completed Cockburn Central (Cockburn Living, Vicinity Stage 1) - H/MD, WA 100 96 44.8 0.0 Completed Kangaroo Point (Yungaba, Affinity) - HD, QLD 100 46 89.1 0.0 Completed Cockburn Central (Cockburn Living, Vicinity Stage 2) - H/MD, WA 100 38 94.7 0.0 Completed Cockburn Central (Cockburn Living, Vicinity Retail) - H/MD, WA 100 10 80.0 0.0 Completed Cockburn Central (Cockburn Living, Kingston Retail) - H/MD, WA 100 8 62.5 0.0 Completed Hamilton (Hamilton Reach, Newport) - H/MD, QLD 100 34 85.3 0.0 Completed Parkville (Parkside Parkville, Thrive) - H/MD, VIC 50 134 94.8 0.0 Completed Hamilton (Hamilton Reach, Atria North) - H/MD, QLD 100 81 80.2 0.1 Completed Campsie (Clemton Park Village, Garden) - H/MD, NSW 50 45 100.0 0.0 Completed Campsie (Clemton Park Village, Piazza) - H/MD, NSW 50 40 100.0 0.0 Completed Wolli Creek (Discovery Point) - Retail, NSW 100 8 25.0 n/a Completed Kangaroo Point (Yungaba House/Other) - HD, QLD 100 18 44.4 n/a Completed East Perth (Queens Riverside, QIII) - HD, WA 100 274 90.5 0.2 Completed East Perth (Queens Riverside, QII) - HD, WA 100 107 69.2 0.1 Completed East Perth (Queens Riverside, Lily) - HD, WA 100 125 23.2 0.1 Completed

NB: Profit is recognised on completion basis except for Land which is on unconditional exchange. All references to units include apartments, houses and land lots. 1. L – Land, H/MD – Housing / medium density, HD – High density 2. Includes 100% of joint arrangements (Joint operation-JO and Joint venture-JV) and PDAs

61

Notes on Profit Recognition (Australia – Residential)

Project1 Effective Share (%) Total No.

• f Units2

% of Units Sold Estimated Total Saleable Area （m sq ft) Target Completion Date Sunshine West (Callaway Park) - H/MD, VIC 50 666 99.8 n/a Completed Carlton (APT) - H/MD, VIC 65 143 92.3 0.1 Completed Campsie (Clemton Park Village, Podium) - H/MD, NSW 50 89 100.0 0.1 Completed Parkville (Parkside Parkville, Flourish) - H/MD, VIC 50 81 98.8 0.1 Completed Ryde (Putney Hill Stage 2, Canopy) - H/MD, NSW 100 131 100.0 0.1 Completed Coorparoo (Coorparoo Square, Central Tower) - H/MD, QLD 50 96 100.0 0.1 4Q FY17 Coorparoo (Coorparoo Square, North Tower) - H/MD, QLD 50 155 96.1 0.1 4Q FY17 Botany (Tailor's Walk, Building A) - H/MD, NSW PDA3 19 100.0 0.0 4Q FY17 Botany (Tailor's Walk, Building E) - H/MD, NSW PDA3 59 100.0 0.0 4Q FY17 Coorparoo (Coorparoo Square, Retail) - H/MD, QLD 50 4 50.0 0.0 4Q FY17 Coorparoo (Coorparoo Square, South Tower) - H/MD, QLD 50 115 99.1 0.1 1Q FY18 Papamoa (Coast Papamoa Beach) - L3, NZ 75 316 93.0 n/a 1Q FY18 North Coogee (Port Coogee JV1) - L3, WA 50 357 98.0 n/a 2Q FY18 Cranbourne West (Casiana Grove) - L3, VIC 100 729 99.9 n/a 2Q FY18 North Ryde (Centrale, Stage 1) - H/MD, NSW 50 197 93.9 0.1 2Q FY18 Botany (Tailor's Walk, Building D) - H/MD, NSW PDA3 173 93.1 0.2 2Q FY18 Parkville (Parkside Parkville, Prosper) - H/MD, VIC 50 172 95.3 0.1 3Q FY18

NB: Profit is recognised on completion basis except for Land which is on unconditional exchange. All references to units include apartments, houses and land lots. 1. L – Land, H/MD – Housing / medium density, HD – High density 2. Includes 100% of joint arrangements (Joint operation-JO and Joint venture-JV) and PDAs 3. PDA: Project development agreement

62

Notes on Profit Recognition (Australia – Residential)

Project1 Effective Share (%) Total No.

• f Units2

% of Units Sold Estimated Total Saleable Area （m sq ft) Target Completion Date Wolli Creek (Discovery Point, Marq) - HD, NSW 100 231 94.8 0.2 3Q FY18 North Ryde (Centrale, Stage 2) - H/MD, NSW 50 186 91.9 0.1 3Q FY18 Ryde (Putney Hill Stage 2, Peak) - H/MD, NSW 100 174 93.7 0.2 3Q FY18 Chippendale (Central Park, Duo) - HD, NSW 50 313 78.6 0.2 3Q FY18 Botany (Tailor's Walk, Building B) - H/MD, NSW PDA4 185 33.5 0.2 3Q FY18 Lidcombe (The Gallery) - H/MD, NSW 100 241 85.1 n/a 4Q FY18 Sunbury (Sunbury Fields) - L3, VIC PDA4 391 83.4 n/a 4Q FY18 Chippendale (Central Park, Wonderland) - HD, NSW 100 294 80.3 0.2 4Q FY18 Greenvale (Greenvale Gardens) - L3, VIC 100 658 93.2 n/a 1Q FY19 Park Ridge (The Rise) - L3, QLD 100 379 86.3 n/a 1Q FY19 Carlton (Found) - H/MD, VIC 65 69 79.7 0.1 1Q FY19 Hamilton (Hamilton Reach, Riverlight East) - H/MD, VIC 100 155 65.2 0.1 1Q FY19 Avondale Heights (Avondale) - H, VIC PDA4 135 92.6 n/a 1Q FY19 Hamilton (Hamilton Reach, Riverlight North) - H/MD, VIC 100 85 28.2 0.1 1Q FY19 Wolli Creek (Discovery Point, Icon) - HD, NSW 100 234 76.5 0.2 1Q FY19 Westmeadows (Valley Park) - H/MD3, VIC PDA4 209 79.9 n/a 2Q FY19 Parkville (Parkside Parkville, Embrace) - H/MD, VIC 50 136 34.6 0.1 2Q FY19 Hope Island (Cova) – L/H/MD3, QLD 100 546 67.2 n/a 4Q FY19

NB: Profit is recognised on completion basis except for Land which is on unconditional exchange. All references to units include apartments, houses and land lots. 1. L – Land, H/MD – Housing / medium density, HD – High density 2. Includes 100% of joint arrangements (Joint operation-JO and Joint venture-JV) and PDAs 3. There are a number of land lots; profit is recognised when land lots are sold. Target completion date is the target date for the sale of the last land lot 4. PDA: Project development agreement

63

Notes on Profit Recognition (Australia – Residential)

Project1 Effective Share (%) Total No.

• f Units2

% of Units Sold Estimated Total Saleable Area （m sq ft) Target Completion Date North Coogee (Seaspray Island) - L3, WA 50 19 63.2 n/a 4Q FY19 Carlton (Encompass) - H/MD, VIC 65 114 5.3 0.1 1Q FY20 Blacktown (Fairwater) - L/H/MD3, NSW 100 937 44.6 n/a 2Q FY20 Point Cook (Life, Point Cook) - L3, VIC 50 547 60.7 n/a 3Q FY20 Yanchep (Jindowie) - L3, WA Mgt rights 1167 28.1 n/a 2022 Baldivis (Baldivis Grove) - L3, WA 100 368 21.2 n/a 2022 Mandurah (Frasers Landing) - L3, WA 75 623 25.7 n/a 2022 Bahrs Scrub (Brookhaven) - L3, QLD 100 1312 8.5 n/a 2024 Clyde North (Berwick Waters) - L3, VIC 50 / PDA4 2115 50.7 n/a 2024 Shell Cove (The Waterfront) - L3, NSW 50 2905 71.9 n/a 2025 Baldivis (Baldivis Parks) - L3, WA 50 1046 24.3 n/a 2025 North Coogee (Port Coogee) - L3, WA 100 834 2.4 n/a 2026 Wallan (Wallara Waters) - L3, VIC 50 1947 28.0 n/a 2026

NB: Profit is recognised on completion basis except for Land which is on unconditional exchange. All references to units include apartments, houses and land lots. 1. L – Land, H/MD – Housing / medium density, HD – High density 2. Includes 100% of joint arrangements (Joint operation-JO and Joint venture-JV) and PDAs 3. There are a number of land lots; profit is recognised when land lots are sold. Target completion date is the target date for the sale of the last land lot 4. PDA: Project development agreement

64

Notes on Profit Recognition (Australia – C&I)

Type Site Effective Share (%) Total Area (m sq ft) % Revenue To Go Target Completion Date Development For Internal Pipeline Berrinba (National Tiles & Spec), QLD 100 0.2 25 4Q FY17 Truganina (National Tiles & Spec), VIC 100 0.3 100 1Q FY18 Truganina (CEVA - Alliance), VIC 100 0.4 100 1Q FY18 Eastern Creek (Rhino & Spec), NSW 100 0.3 100 1Q FY18 Horsley Park (Vivin), NSW PDA1 0.3 100 2Q FY18 Keysborough (Spec 6 - Silvan), VIC 100 0.3 100 2Q FY18 Chullora (PFD), NSW 100 0.2 100 3Q FY18

1. PDA: Project development agreement

65

Notes on Profit Recognition (Australia – C&I)

Type Site Effective Share (%) Total Area (m sq ft) % Revenue To Go Target Completion Date Development for Third Party Sale Keysborough (ARB), VIC 100 0.2 100 4Q FY17 Yatala (Beaulieu Carpets), QLD 100 0.2 100 4Q FY17 Yatala (OJI) 1, QLD 100 0.3 54 1Q FY18 Derrimut (Primewest)1, VIC 100 0.2 82 1Q FY18 Keysborough (Stanley Black & Decker), VIC 100 0.2 100 1Q FY18 Keysborough (CH2), VIC 100 0.2 100 2Q FY18

NB: Profit on sold sites is recognised on percentage of completion basis 1. Sold site

66

Notes on Profit Recognition1 (China)

NB: All references to units exclude car park lots and retail units, with the exception of Chengdu Logistics Hub, which includes retail units 1. Profit is recognised on completion basis

Project Effective Share (%) Total No.

• f Units

% of Units Sold Saleable Area （m sq ft) Target Completion Date Baitang One (Phase 1B), Suzhou 100 542 100.0 0.7 Completed Baitang One (Phase 2A), Suzhou 100 538 99.8 0.8 Completed Baitang One (Phase 2B), Suzhou 100 360 98.9 0.8 Completed Baitang One (Phase 3A), Suzhou 100 706 99.9 0.8 Completed Chengdu Logistics Hub (Phase 2), Chengdu 80 163 84.0 0.7 Completed Gemdale Megacity (Phase 2A), Songjiang, Shanghai 45 1,065 99.5 1.5 Completed Gemdale Megacity (Phase 2A), Songjiang, Shanghai - retail 45 22 54.5 0.04 Completed Gemdale Megacity (Phase 2B), Songjiang, Shanghai 45 1,134 99.8 1.2 Completed Chengdu Logistics Hub (Phase 4), Chengdu 80 358 15.4 1.8 Completed Gemdale Megacity (Phase 3C), Songjiang, Shanghai 45 1,446 100.0 1.4 Completed Baitang One (Phase 3C1), Suzhou 100 706 100.0 0.8 Completed Gemdale Megacity (Phase 3B), Songjiang, Shanghai 45 575 99.5 0.6 Completed Gemdale Megacity (Phase 3A), Songjiang, Shanghai 45 278 100.0 0.3 4Q FY17 Baitang One (Phase 3B), Suzhou 100 380 13.7 0.6 4Q FY17 Gemdale Megacity (Phase 4F), Songjiang, Shanghai 45 536 71.5 0.7 4Q FY18

67

Notes on Profit Recognition (UK)

1. Includes affordable units

Project Effective Share (%) Total No.

• f Units1

% of Units Sold Saleable area (m sq ft) Target Completion Date Five Riverside Quarter 80 149 86% 0.1 Completed Seven Riverside Quarter 80 87 55% 0.1 Completed Camberwell Green 80 101 54% 0.1 Completed Vauxhall Sky Gardens 80 237 100% 0.2 Completed

68

Australia Land Bank

Site1 Effective Share (%) Estimated Total No.

• f Units2,3

Estimated Total Saleable Area (m sq ft) FPA Residential Edmondson Park - H/MD, NSW 100 1,809 1.7 Wyndham Vale - L, VIC 100 1,181 n/a Deebing Heights - L, QLD 100 966 n/a Burwood East (Burwood Brickworks) - H/MD, VIC 100 738 0.9 Cockburn Central (Cockburn Living) - H/MD, WA 100 346 0.3 Parkville (Parkside Parkville) - H/MD, VIC 50 291 0.2 Hamilton (Hamilton Reach) - H/MD, QLD 100 290 0.7 Greenwood - HD/MD, WA PDA4 138 0.1 Queenstown (Broadview Rise) - L, NZ 75 30 n/a Chippendale (Central Park) - HD, NSW 100 8 0.0 Carlton - H/MD, VIC 65 2 0.1 Ryde (Putney Hill Stage 2) - H/MD, NSW 100 1 0.0 Wolli Creek (Discovery Point) - HD, NSW 100 1 0.2 Botany (Tailor's Walk) - H/MD, NSW 100 1 0.0 North Coogee (Port Coogee) - L, WA 50 1 n/a Warriewood - L, NSW 100 1 n/a

NB: All references to units include apartments, houses and land lots. 1. L – Land, H/MD – Housing / medium density, HD – High density 2. Includes 100% of joint arrangements (Joint operation-JO and Joint venture-JV) and PDAs 3. Subject to planning 4. PDA: Project development agreement

69

Australia Land Bank

Site Effective Share (%) Type Estimated Total Saleable Area (m sq ft) FPA C&I Truganina, VIC 100 Industrial 2.2 Yatala, QLD 100 Industrial 2.1 Keysborough, VIC 100 Industrial 0.9 Berrinba, QLD 100 Industrial 0.8 Eastern Creek, NSW 100 Industrial 0.7 Mulgrave, VIC 50 Office 0.5 Richlands, QLD 100 Industrial 0.2 Macquarie Park, NSW 50 Office 0.2 Gillman, SA 50 Industrial 0.2 Eastern Creek, NSW 50 Industrial 0.2 Truganina, VIC 100 Industrial 2.2

70

Australia Land Bank

Site Effective Share (%) Type Estimated Total Saleable Area (m sq ft) FPA Retail Horsley Park (WSPT), NSW PDA1 Retail 1.7 Wyndham Vale, VIC 100 Retail 0.4 Burwood East (Burwood Brickworks), VIC 100 Retail 0.3 Edmondson Park, NSW 100 Retail 0.3

1. PDA: Project development agreement

71

China Land Bank

NB: All references to units exclude car park lots and retail units, with the exception of Chengdu Logistics Hub, which includes retail units 1. Excluding launched units in Phase 4F

Site Effective Share (%) Estimated Total

• No. of Units

Estimated Total Saleable Area (m sq ft) Baitang One (Phase 3C2), Suzhou 100 377 0.5 Chengdu Logistics Hub (Phase 2A), Chengdu 80 179 1.0 Gemdale Megacity (Phase 4–6), Songjiang, Shanghai 45 1,6561 2.1

72

Site Effective Share (%) Estimated Total

• No. of Units1

Saleable area (m sq ft) Nine Riverside Quarter 80 175 0.2 Central House (commercial development) 100

• 0.2 to 0.32

UK Land Bank

1. Includes affordable units 2. Subject to planning approval